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Bank of America (NYSE:BAC) Chairman and CEO Brian Moynihan faced a 3.3% reduction in compensation for 2023, coinciding with a 4% decline in the company’s net income.
“The board acknowledged the company’s continued success in 2023 and Mr. Moynihan’s leadership under this operating model, particularly in this period of considerable economic uncertainty,” the company stated in a filing released late Friday.
Moynihan’s total compensation decreased to $29M from $30M in 2022, with his base salary remaining at $1.5M. His pay package comprised time-based restricted stock units and performance RSUs, consistent with previous years, with no cash bonus.
Furthermore, his 2023 equity incentive awarded by the board totaled $27.3M, including cash-settled RSUs vesting over the next 12 months, stock-settled RSUs vesting annually over the next four years, and performance RSUs subject to Bank of America’s future financial performance meeting specific standards.
During 2023, Bank of America’s net income was impacted by a $2.1B pretax charge for the FDIC special assessment and a $1.6B pretax charge for the cessation of the Bloomberg Short-Term Bank Yield Index. Excluding these charges, the company’s 2023 earnings would have shown a 6% increase.
